Sable Offshore is a small upstream oil and gas company with a single asset: the Santa Ynez Unit (SYU), a collection of federal offshore oil and gas leases located off the coast of Santa Barbara County, California. The SYU includes three offshore production platforms (Hondo, Harmony, and Heritage) servicing 112 wells, an onshore processing facility at Las Flores Canyon, and a pipeline system that transports crude oil to a terminal in Kern County. Sable acquired the SYU from ExxonMobil in early 2024, after the asset had sat idle since 2015 following a pipeline spill. Sable's entire business thesis is to restart this asset and sell crude oil at market prices, with a stated production target of over 50,000 barrels of oil per day across all three platforms. As of early 2026, Sable is effectively pre-revenue — it began flowing oil from Platform Harmony in May 2025, but the pipeline needed to transport oil to market remains out of service due to ongoing regulatory and legal challenges. Sable is also pursuing an alternative "Offshore Storage and Treating" vessel strategy that would allow oil to be loaded onto shuttle tankers directly from the platforms, bypassing the pipeline, though this would require roughly $475M in additional capital and regulatory approval, with first sales targeted for Q4 2026 at the earliest. Sable is funded by a $625M senior secured term loan from ExxonMobil bearing 15% interest per annum.